HNA's chairman dies; US-China tariffs countdown; China promoting US-Europe splittism; RMB bounces, Xi wants a cadre self-revolution; No "excessive" deleveraging

Good morning from DC. It is the July 4 holiday in the US so today's newsletter is very brief. 

Here are the top things I am watching about China today:

• HNA chairman Wang Jian died from a fall in France. This tragedy will only make creditors, partners and shareholders more nervous about HNA's fate;

• The RMB bounced back as the PBoC officials' statements seemed to work, at least for now;

• There are still no signs of serious US-China talks to avert the imposition of the first round of tariffs in about 60 hours. 

Thanks for reading, and for my American readers Happy 4th of July!

The Essential Eight

1. US-China tariffs countdown

China Vows Not to Fire Tariff Shot Ahead of U.S. in Trade War - Bloomberg

"We will never fire the first shot and will not implement tariffs ahead of the U.S.," the Ministry of Finance said in a statement late Wednesday, after media reported that Beijing would start levying tariffs hours ahead of the U.S. due to the time zone difference.

Bloomberg earlier reported that China wo…